January 14, 2020  Terry’s Tips Trade Alert  –  Wiley Wolf  portfolio

  

Gamma is far greater than net delta so another dollar gain will make us quite negative net delta:

 

BTC 2 MSFT 24Jan20 160 puts (MSFT200124P160)

STO 2 MSFT 24Jan20 165 puts (MSFT200124P165)
BTO 2 MSFT 17Jul20 165 puts (MSFT200717P165)
STC 2 MSFT 17Jul20 160 puts (MSFT200717P160) for a debit of $.26 (buying a vertical roll)

Be[Ta1]  prepared to change this (these) price limit(s) by $.05 or more in order to get an execution.

Happy trading.

Terry